Exchange rates for the US dollar in Nigeria * / USD 1 = NGN ... (middle) / up to 1998

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Time series key	BBEX3.A.NGN.USD.CA.AC.B04
Unit	NGN
Dimension	one
Timespan	from 1990 to 1998
Last update	20.09.2023 12:50:05 PM

General	* On 14 January 1995, the introduction of a legal free foreign exchange market was announced. Use of exchange rates from 14 January 1995 until the end of 1998: Official exchange rate: for certain government transactions. Free market rate (BBEX3:A:NGN:USD:CA:AC:A04): for all other foreign exchange transactions. On 1 January 1999, the multiple exchange rate system was unified on the basis of the free market rate.
Methodology	Calculated on the basis of mid-month and month-end buying and selling rates.
Source	Central Bank of Nigeria, Lagos / Abuja.

Comment on 1995	Average for the official exchange rate. On 14 January 1995, the introduction of a legal free foreign exchange market was announced; however, the central bank only began to report exchange rates (buying/selling) on 23 February 1995: official exchange rate: USD 1 = NGN 21.7761 / 21.9960, free market rate: USD 1 = NGN 81.18 / 82.00.
Comment on 1992	On 4 March 1992, the exchange rates were adjusted more sharply. We recorded the following mid-market rates: 3 March 1992: USD 1 = NGN 10.5564 4 March 1992: USD 1 = NGN 18.0000 Calculated devaluation: 41.4%.

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